PETALING JAYA: Commercial banks have raised the mandatory retirement age of employees to 61, but not all sectors are keen to follow suit.
National Union of Bank Employees general secretary J. Solomon said raising the retirement age from 60 to 61 was based on requests from bank workers, who do not have enough savings in their EPF or other source of income after retirement.
But the Malaysian Trades Union Congress president, Mohd Effendy Abdul Ghani, said it was not the right solution. Mohd Effendy, who deemed the current EPF structure as outdated, has called for a restructuring of the fund to better protect the workers. The National Union of the Teaching Profession secretary-general Fouzi Singon said it was not appropriate to increase the retirement age for teachers, whose work environment required climbing stairs to the top floor and a lot of active movements.
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